Social Security benefits, welfare payments, and farm support payments are examples of:
A. public interest payments.
B. investment spending.
C. consumption spending.
D. transfer payments.
Answer: D
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A point along the production possibility frontier is:
A. inefficient. B. impossible. C. efficient. D. utility-maximizing.
If income is rising faster in Japan than in the United States, there will be an increase in the demand for the yen and a decrease in the demand for the dollar.
Answer the following statement true (T) or false (F)
Say's law implies that
A. government regulation is needed to prevent surpluses from becoming a problem. B. government regulation is needed to prevent shortages from becoming a problem. C. wages and prices are not flexible. D. people supply goods and services to the market because they want to consume other goods and services.
The change in output resulting from the addition of one more worker is
A) marginal physical product. B) marginal revenue product. C) average physical product. D) average revenue product.